WG is just the latest "sell" by the Okap brand. The sooner you...

WG is just the latest "sell" by the Okap brand. The sooner you get your head around that. The better.

You want to talk about WG? Well at the moment. You don't have a WG. You have a deposit!

AUD325,000 deposit (50% as option fee, 50% as 6 month interest free unsecured loan) payable to the shareholders of Winter Garden;


1 May
It is expected a Notice of Meeting will be dispatched to shareholders in the coming 2-3 weeks and subject to shareholder approval, and required ASX approvals and waivers, the transaction should complete in approximately 8 weeks from today's date.

Well it's now 5 weeks. But that's ok. Time slippage on any and all target pretty much always "slip" with the Okap brand.

To get 85% of WG You have to give them 1,500,000,000 shares. (Currently 774,691,817 shares on issue)

Which includes this cause.

At all times the Consideration Shares will represent a minimum of 50% of the total enlarged capital structure of the Purchaser post Completion and will be adjusted accordingly.

OUCH!

Then of course you have to meet the following in 90 days before the Completion of the acquisition.

a) IGS receiving a letter from the ASX confirming that the ASX will re-admit IGS to the official list of the ASX, subject to the satisfaction of certain conditions set out in the letter, on terms acceptable to IGS and the Winter Garden;

b) each Winter Garden shareholder entering into a formal share sale agreement with IGS (Formal Agreement) incorporating customary warranties and other terms and conditions;

c) IGS raising a minimum of $1,000,000 (or such other amount as required to meet the assets test and re-admission criteria of the ASX), through the issue of IGS Shares at a price to be determined by IGS and Winter Garden (Capital Raising),

d) IGS conducting a share consolidation in accordance with the Corporations Act 2001 (Cth) (Corporations Act) at a ratio the Parties consider reasonably necessary to allow the IGS to successfully complete the Capital Raising and ASX Re-Admission criteria(Consolidation);

e) the Parties obtaining all shareholder, statutory and regulatory approvals necessary to undertake the Acquisition or that are reasonably required by IGS;

f) the Parties obtaining, in a form reasonably satisfactory to the IGS, all third party consents or waivers which are, in the opinion of the IGS, necessary or desirable to complete the Acquisition (including but not limited to confirmations or waivers of the ASX Listing Rules); and

g) the Vendors entering into restriction agreements (and where necessary their controllers) in relation to the Consideration Shares to the extent required under Chapter 9 of the ASX Listing Rules (if applicable) (Restriction Agreements). (Escrow)

The notice of the meeting is still not out. (Having trouble with the ASX??)

Again, Numbnuts. You have nothing yet but an unsecured loan to unknown parties for a deposit!